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http://nerdenterprises.com/blog/2010/08/setting-up-your-quickbooks-file/
In the last QuickBooks web cast you saw an introduction to QuickBooks and the various file types. This time I want to talk about the first thing you often have to do in QuickBooks. Set up your QuickBooks Company file. The file QuickBooks creates is a ".QBW" file which stands for Quick Books Working
Don't try this at home!
I want to suggest that if you don't have any background experience with accounting and QuickBooks you should really consult with a professional bookkeeper or accountant when setting up your company file. I am available and there are also many others out there who can help you. It might seem simple enough but there are things you may not be aware of that should be considered when setting your company up in QuickBooks. The core of the setup process is in setting up your Chart Of Accounts. QuickBooks gives you templates to work off of based on your industry and you can start with one of those. You can also add accounts that you need and remove the ones you don't need after a while so don't worry about have the setup "perfect" right at the get-go.
These days it becomes important to put your company file in a folder where it will be easy to find. I usually recommend creating a folder for "Your Company" and within that a folder called "Accounting". This is where I like to place my client's QuickBooks files because it makes sense and the bottom line is I can find it in 30 seconds or less when I need to transfer it to someone.
Now that we know where we are going to put the company file, we are ready to create it!
When I started Nerd Enterprises, Inc. I did not use QuickBooks. I had actually created my own accounting system in MS Excel. It worked well for someone who really knows his debits and credits. For most people's purposes it required too much of accounting knowledge to understand and that was OK I wasn't looking to sell it. I really just enjoyed the challenge of creating something like this in Excel. The time eventually came when I needed to start using QuickBooks. I had used it when I was attending Pace University -- the DOS version while I was working at a small company in Katonah, NY. Actually we managed 5 different companies from the back of a store called Environmentally Yours. When I set up my QuickBooks file it was pretty easy for me to do even though I hadn't really seen QuickBooks in years because I understood the accounting fundamentals. I shake my head a lot when I read from people on Twitter about how much "QuickBooks Sucks". It doesn't. QuickBooks is a great program and it makes it really easy to manage the financial accounting for MOST businesses. Is it the perfect solution for all businesses? Absolutely not. Some businesses have (for example) very sophisticated and/or unique inventory situations. QuickBooks by itself is not the solution in these cases. It may be that QuickBooks together with an appropriate inventory management system works really well, or you may need to use another program altogether. The reason I shake my head at many of the "QuickBooks haters" on twitter is that I can almost guarantee that these people do not have the accounting experience to really know how to make a program like QuickBooks really sing for them. They think it should be easy because it is "QuickBooks" but they don't realize what they don't know. When you better understand the accounting fundamentals you begin to better understand why certain things can't just "work" the way you might want them to.
One private online session with me and I can show must people how and why QuickBooks is really a GREAT solution for most businesses, but today I am getting back to basics for 2 reasons; to keep things updated and fresh (as you will see how to set up a company file in QuickBooks 2010 and also because I am starting my series for Make It Work's Financial Help Desk.
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Quickbooks Inventory Assembly and Setupby qbclay13,443 views
@royalconcrete1 Now that you have this video, you can purchase the latest version (2011), download it directly from the intuit website, and get your company file set up properly. This way there is no CD to stomp on :)
nerdenterprises 1 year ago
I tried two years ago to set up my quickbooks for the past year. It wouldnt let me get past the date, so I stomped on the cd and scratched it with scissors and cursed it then burned it.
royalconcrete1 1 year ago